For decades, banks have asked entrepreneurs to split themselves in two. One login for the company. Another for personal wealth. Different accounts, different advisors, different products. That might make sense on an organizational chart, but it makes far less sense for someone whose business and personal finances are tied together every day.
Flex thinks that distinction has become one of the biggest blind spots in financial services. Investors appear to agree.
The AI-native private banking platform announced Tuesday that it has raised a $70 million Series B1, just seven months after closing a $60 million Series B. The latest round was led by Halo Fund, the investment firm co-founded by Qualtrics founder and Utah Jazz owner Ryan Smith and Accel partner Ryan Sweeney. Flex has now raised $180 million in equity funding.
The speed of that fundraising reflects the company’s growth. Since its previous round, Flex said its annualized revenue has tripled as it expanded its services for high-net-worth business owners, a group the company argues has been overlooked by both traditional banks and fintech startups.
As part of this announcement, the Miami-born company also shared that it has expanded into the UK.
“Middle-market business owners are one of the most important and underserved customers in finance globally,” CEO Zaid Rahman said in a statement. “Depending on the type of owner, they’ll tell you their vendors are spread across the US, Poland, Brazil, etc; their accounts hold currency outside of just USD; and they have to oscillate across 2-3 vendors and layers of fees just to do business outside their country.”
To address that, Flex is launching Flex Global, which lets customers hold accounts across dozens of countries and currencies while using stablecoin payment rails to move money internationally in minutes instead of days. The blockchain technology stays behind the scenes, meaning customers never have to interact directly with crypto wallets.
That approach helped attract Halo Fund.
“I’ve spent my career helping entrepreneurs win, and they all have the same problem: their business and personal financial lives are completely intertwined, but every bank treats them as two different customers, missing what they’re actually trying to build,” Ryan Smith commented.
“Flex is the first team creating a real private bank around the owner and the entire household’s finances, and the gap they’re filling is just as real globally as it is in the US,” Smith continued. “Zaid and the team have built an enduring business that is becoming an institution for the world’s most ambitious owners.”
The announcement also highlights how stablecoins are increasingly becoming business infrastructure rather than speculative assets. Flex is betting that owners shouldn’t have to think about the underlying technology at all, and that they should simply be able to pay a supplier in Bogotá or Brussels as easily as one in Brickell.
The company says customers are already adopting that broader vision. The average Flex client now uses four or more products across its platform, which includes payments, treasury, expense management, private credit, and AI-powered finance tools. Flex also said it has surpassed $10 billion in annualized payment volume while reaching a nine-figure annualized revenue run rate.
The fresh funding will help the company nearly double its workforce to more than 200 employees by the end of the year as it continues building what it calls an AI-native private bank.
READ MORE IN REFRESH MIAMI:
- Flex lands $60M Series B to become the private bank for America’s overlooked wealth creators
- XFX lands $17M to fix the messy middle between dollars and stablecoins
- Cyclops raises $8M to simplify stablecoins for payments companies
- Global startup OpenFX growing from Miami, using stablecoin to speed money transfers
- From jammed wires to stablecoins, Shield lands $5M to fix global trade payments
- Flex lands another $70M as it bets the future of banking belongs to business owners, not businesses – July 14, 2026
- Nasdaq’s IPO whisperer is betting his next chapter on fixing institutional payments – July 14, 2026
- Meet the fractional executives behind some of Miami’s fastest-growing startups – July 13, 2026
